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what is the journal entries of a debit/credit notes in the
books of seller and purchaser's A/C.
- 8 Answers
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Answer / rajinder dhawan
Credit Note: Seller
( E.g) When we give any discount or sale return )
Discount Allowed/Sale Return xxxx ( Dr)
to Party Account xxxxx ( Cr)
Debit Note : Purchaser
( E.g When he received discount / purchase retrun to seller)
Party Account xxxxxx ( Dr)
to Discount Received/Purchase retunr xxxxx( Cr)
| Is This Answer Correct ? | 122 Yes | 13 No |
Answer / rdiyewar
IN THE BOOKS OF SELLER :-
debit note :-
by party a/c debit ----xxx
to sales a/c--------------xxx
to vat a/c---------------xxx
credit note:-
BY SALES A/C debit -----XXX
BY VAT A/C DEBIT -----XXX
TO PARTY A/C CR--------------XXX
in the books of purchaser the journal entry opposite
| Is This Answer Correct ? | 97 Yes | 30 No |
Answer / sridharan.v
IN THE BOOKS OF SELLER :-
Debitnote :-
party a/c Dr xxx
To sales a/c xxx
To vat a/c xxx
(Vat payable)
Creditnote:-
Sales A/C Dr XXX
VatA/C Dr XXX
(Vat Receivable)
TO partyA/C XXX
(Inthe books of purchaser the journal entry is just
opposite to the seller)
| Is This Answer Correct ? | 33 Yes | 6 No |
Answer / aslam
Credit note:
Debit Sales a/c
and Credit party's a/c
Debit note:
Debit party's a/c
And Credit the sales a/c
| Is This Answer Correct ? | 28 Yes | 11 No |
Answer / jitendra b jagtap
1) This debit not entry purchas account debit and vat
accounts credit. this entry in debit side.
2)This credit not entry seller account credit and vat
account debit entry.
| Is This Answer Correct ? | 22 Yes | 5 No |
Answer / revanth
debit note will issue when purchase returns
hence
party A/c (creditor) debit
to purchase returns A/c
credit note will issue when sales return hence
sales returns A/c debit
party a/c (debtor)
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / kuldeep
debit note books of seller.
party a/c dr.
to Exps. a/c
| Is This Answer Correct ? | 25 Yes | 30 No |
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